THE Philippines is 'making significant progress' with regard to exiting a global anti-money laundering watchlist, a visiting International Monetary Fund (IMF) official said, noting that removal from the Financial Action Task Force (FATF) gray list is crucial for attracting foreign investments.
THE Philippines is 'making significant progress' with regard to exiting a global anti-money laundering watchlist, a visiting International Monetary Fund official said, noting that removal from the Financial Action Task Force gray list is crucial for attracting foreign investments.
They are really committed, and I think they are making significant progress.'The country, blacklisted from 2000 to 2004, was placed back on the FATF gray list in 2021 due to 'strategic deficiencies' in its anti-money laundering and combating the financing of terrorism systems.Blacklisting had caused foreign banks to avoid processing Philippine transactions, increasing funding costs and deterring investors.Being on the gray list means increased monitoring by the Paris-based FATF.
Sees Progress Hopeful Of PH Exit From FATF Grey List
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